[Form 4] Nuvation Bio Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nuvation Bio Inc. chief people officer Stacy Markel exercised stock options and sold shares in the company. On June 23, 2026, Markel exercised options for 34,620 shares at $1.74 per share and 90,380 shares at $1.87 per share, then sold 125,000 Class A common shares in an open-market transaction at a weighted-average price of $6.0255 per share, with trades ranging from $6.00 to $6.085, under a pre-arranged Rule 10b5-1 trading plan dated December 4, 2025. After these transactions, Markel directly holds 32,591 Class A common shares.

Insights

Equity compensation and insider-trading analyst

Pre-planned option exercise-and-sell, leaving a smaller remaining stake.

The transactions show a classic exercise-and-sell pattern. Stacy Markel exercised options for a total of 125,000 shares at strike prices of $1.74 and $1.87, then sold 125,000 Class A common shares at a weighted-average of $6.0255 per share.

The sale was executed under a Rule 10b5-1 trading plan dated December 4, 2025, indicating it was pre-scheduled rather than opportunistic. Following these moves, Markel holds 32,591 shares directly, so the net effect is a reduction in her direct equity exposure while monetizing vested options.

Insider Trade Summary 10b5-1

Net Seller: 125,000 shares ($753,188)

Net Sell 5 txns

Insider Markel Stacy

Role CHIEF PEOPLE OFFICER

Sold 125,000 shs ($753K)

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	90,380	$0.00	--
Exercise	Stock Option (Right to Buy)	34,620	$0.00	--
Exercise	Class A Common Stock	90,380	$1.87	$169K
Exercise	Class A Common Stock	34,620	$1.74	$60K
Sale	Class A Common Stock	125,000	$6.0255	$753K

Holdings After Transaction: Stock Option (Right to Buy) — 409,620 shares (Direct, null); Class A Common Stock — 122,971 shares (Direct, null)

Footnotes (1)

1. Shares sold pursuant to a 10b5-1 plan dated December 4, 2025. Price reported is a weighted-average sales price. The shares were sold at prices ranging from $6.00 to $6.085. The Reporting Person will provide, upon request, to the Securities and Exchange Commission, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price. Option vests as to 25% on the one year anniversary of February 29, 2024, and monthly thereafter over the following 36 months, subject to Reporting Person's continuous service on each such vesting date. Option vests as to 25% on September 30, 2020 and in equal monthly installments thereafter over the following three years, subject to Reporting Person's continuous service on each such vesting date.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/24/2026 - 07:10 PM Accepted by SEC EDGAR 06/24/2026 - 07:09 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Markel Stacy

(Last) (First) (Middle)

C/O NUVATION BIO INC.

1500 BROADWAY, SUITE 1401

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Nuvation Bio Inc. [ NUVB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF PEOPLE OFFICER

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/23/2026		M		90,380	A	$1.87	122,971	D
Class A Common Stock	06/23/2026		M		34,620	A	$1.74	157,591	D
Class A Common Stock	06/23/2026		S(1)		125,000	D	$6.0255(2)	32,591	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1.87	06/23/2026		M			90,380	(3)	02/27/2034	Class A Common Stock	90,380	$0	409,620	D
Stock Option (Right to Buy)	$1.74	06/23/2026		M			34,620	(4)	01/21/2030	Class A Common Stock	34,620	$0	220,190	D

Explanation of Responses:

1. Shares sold pursuant to a 10b5-1 plan dated December 4, 2025.

2. Price reported is a weighted-average sales price. The shares were sold at prices ranging from $6.00 to $6.085. The Reporting Person will provide, upon request, to the Securities and Exchange Commission, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

3. Option vests as to 25% on the one year anniversary of February 29, 2024, and monthly thereafter over the following 36 months, subject to Reporting Person's continuous service on each such vesting date.

4. Option vests as to 25% on September 30, 2020 and in equal monthly installments thereafter over the following three years, subject to Reporting Person's continuous service on each such vesting date.

	/s/ Stephen Dang, Attorney-in-Fact, Attorney-in-Fact	06/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)